<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.5c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_C000025976Member" xlink:label="cik0001006387_C000025976Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_C000025976Member" xlink:to="cik0001006387_C000025976Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_C000025976Member_lbl" xml:lang="en-US">Royce Capital Fund - Micro-Cap Portfolio - Investment Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_UltraCleanHoldingsMember" xlink:label="cik0001006387_UltraCleanHoldingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_UltraCleanHoldingsMember" xlink:to="cik0001006387_UltraCleanHoldingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_UltraCleanHoldingsMember_lbl" xml:lang="en-US">Ultra Clean Holdings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_IchorHoldingsMember" xlink:label="cik0001006387_IchorHoldingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_IchorHoldingsMember" xlink:to="cik0001006387_IchorHoldingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_IchorHoldingsMember_lbl" xml:lang="en-US">Ichor Holdings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_GrahamCorporationMember" xlink:label="cik0001006387_GrahamCorporationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_GrahamCorporationMember" xlink:to="cik0001006387_GrahamCorporationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_GrahamCorporationMember_lbl" xml:lang="en-US">Graham Corporation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_NWPXInfrastructureMember" xlink:label="cik0001006387_NWPXInfrastructureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_NWPXInfrastructureMember" xlink:to="cik0001006387_NWPXInfrastructureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_NWPXInfrastructureMember_lbl" xml:lang="en-US">NWPX Infrastructure [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_CohuMember" xlink:label="cik0001006387_CohuMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_CohuMember" xlink:to="cik0001006387_CohuMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_CohuMember_lbl" xml:lang="en-US">Cohu [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_LincolnEducationalServicesMember" xlink:label="cik0001006387_LincolnEducationalServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_LincolnEducationalServicesMember" xlink:to="cik0001006387_LincolnEducationalServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_LincolnEducationalServicesMember_lbl" xml:lang="en-US">Lincoln Educational Services</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_BelFuseClBMember" xlink:label="cik0001006387_BelFuseClBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_BelFuseClBMember" xlink:to="cik0001006387_BelFuseClBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_BelFuseClBMember_lbl" xml:lang="en-US">Bel Fuse Cl. B [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_EZCORPClAMember" xlink:label="cik0001006387_EZCORPClAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_EZCORPClAMember" xlink:to="cik0001006387_EZCORPClAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_EZCORPClAMember_lbl" xml:lang="en-US">EZCORP Cl. A [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_LindbladExpeditionsHoldingsMember" xlink:label="cik0001006387_LindbladExpeditionsHoldingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_LindbladExpeditionsHoldingsMember" xlink:to="cik0001006387_LindbladExpeditionsHoldingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_LindbladExpeditionsHoldingsMember_lbl" xml:lang="en-US">Lindblad Expeditions Holdings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_DigiInternationalMember" xlink:label="cik0001006387_DigiInternationalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_DigiInternationalMember" xlink:to="cik0001006387_DigiInternationalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_DigiInternationalMember_lbl" xml:lang="en-US">Digi International [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HealthcareSectorMember" xlink:label="us-gaap_HealthcareSectorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HealthcareSectorMember" xlink:to="us-gaap_HealthcareSectorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_HealthcareSectorMember_lbl" xml:lang="en-US">Healthcare Sector [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancialServicesSectorMember" xlink:label="us-gaap_FinancialServicesSectorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialServicesSectorMember" xlink:to="us-gaap_FinancialServicesSectorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialServicesSectorMember_lbl" xml:lang="en-US">Financial Services Sector [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EnergySectorMember" xlink:label="us-gaap_EnergySectorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EnergySectorMember" xlink:to="us-gaap_EnergySectorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EnergySectorMember_lbl" xml:lang="en-US">Energy Sector [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateSectorMember" xlink:label="us-gaap_RealEstateSectorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateSectorMember" xlink:to="us-gaap_RealEstateSectorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateSectorMember_lbl" xml:lang="en-US">Real Estate Sector [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsMember" xlink:label="us-gaap_CashAndCashEquivalentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsMember" xlink:to="us-gaap_CashAndCashEquivalentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsMember_lbl" xml:lang="en-US">Cash and Cash Equivalents [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_C000033015Member" xlink:label="cik0001006387_C000033015Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_C000033015Member" xlink:to="cik0001006387_C000033015Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_C000033015Member_lbl" xml:lang="en-US">Royce Capital Fund - Micro-Cap Portfolio - Service Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_C000025977Member" xlink:label="cik0001006387_C000025977Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_C000025977Member" xlink:to="cik0001006387_C000025977Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_C000025977Member_lbl" xml:lang="en-US">Royce Capital Fund-Small-Cap Portfolio - Investment Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_TDSYNNEXMember" xlink:label="cik0001006387_TDSYNNEXMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_TDSYNNEXMember" xlink:to="cik0001006387_TDSYNNEXMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_TDSYNNEXMember_lbl" xml:lang="en-US">TD SYNNEX [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_MIHomesMember" xlink:label="cik0001006387_MIHomesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_MIHomesMember" xlink:to="cik0001006387_MIHomesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_MIHomesMember_lbl" xml:lang="en-US">M/I Homes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_BlueBirdMember" xlink:label="cik0001006387_BlueBirdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_BlueBirdMember" xlink:to="cik0001006387_BlueBirdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_BlueBirdMember_lbl" xml:lang="en-US">Blue Bird [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_DieboldNixdorfMember" xlink:label="cik0001006387_DieboldNixdorfMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_DieboldNixdorfMember" xlink:to="cik0001006387_DieboldNixdorfMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_DieboldNixdorfMember_lbl" xml:lang="en-US">Diebold Nixdorf [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_TimberlandBancorpMember" xlink:label="cik0001006387_TimberlandBancorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_TimberlandBancorpMember" xlink:to="cik0001006387_TimberlandBancorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_TimberlandBancorpMember_lbl" xml:lang="en-US">Timberland Bancorp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_VillageSuperMarketClAMember" xlink:label="cik0001006387_VillageSuperMarketClAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_VillageSuperMarketClAMember" xlink:to="cik0001006387_VillageSuperMarketClAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_VillageSuperMarketClAMember_lbl" xml:lang="en-US">Village Super Market Cl. A [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_IBEXMember" xlink:label="cik0001006387_IBEXMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_IBEXMember" xlink:to="cik0001006387_IBEXMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_IBEXMember_lbl" xml:lang="en-US">IBEX [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_InterfaceMember" xlink:label="cik0001006387_InterfaceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_InterfaceMember" xlink:to="cik0001006387_InterfaceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_InterfaceMember_lbl" xml:lang="en-US">Interface [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_PulteGroupMember" xlink:label="cik0001006387_PulteGroupMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_PulteGroupMember" xlink:to="cik0001006387_PulteGroupMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_PulteGroupMember_lbl" xml:lang="en-US">PulteGroup [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_UnityBancorpMember" xlink:label="cik0001006387_UnityBancorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_UnityBancorpMember" xlink:to="cik0001006387_UnityBancorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_UnityBancorpMember_lbl" xml:lang="en-US">Unity Bancorp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260630.xsd#cik0001006387_C000033016Member" xlink:label="cik0001006387_C000033016Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cik0001006387_C000033016Member" xlink:to="cik0001006387_C000033016Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cik0001006387_C000033016Member_lbl" xml:lang="en-US">Royce Capital Fund-Small-Cap Portfolio - Service Class</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsNet" xlink:label="us-gaap_AssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_lbl" xml:lang="en-US">Net Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentCompanyPortfolioTurnover" xlink:label="us-gaap_InvestmentCompanyPortfolioTurnover" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentCompanyPortfolioTurnover" xlink:to="us-gaap_InvestmentCompanyPortfolioTurnover_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentCompanyPortfolioTurnover_lbl" xml:lang="en-US">Investment Company, Portfolio Turnover</link:label>
    </link:labelLink>
</link:linkbase>
